His comments come after meeting ADL's former chief executive Dafydd Wyn Jones to probe how the Penrhyndeudraeth- based agency crashed with debts of more than £1m.

Mr Llwyd claimed there was evidence "some public bodies had been terribly slow in paying money owed to the Antur".

He added: "This slowness in paying created a cash-flow problem, which then built up and escalated. Perhaps if the public bodies had paid on time then Antur would not have found itself in such a position today."

Mr Llwyd refused to name the public bodies he referred to pending an inquiry by the auditor general for Wales.

The meeting had been "beneficial" and Mr Jones had revealed all the background, including some significant documents, said the MP, adding: "There are significant lessons to be learned. "

And Mr Llwyd said he felt "extremely disappointed for the creditors who are all going through a painful time.

"Unfortunately, the creditors' situation looks bleak in my opinion."

The Daily Post has been handed a list of the 238 companies and individuals owed money by Antur.

The agency, which went into administrative receivership earlier this month, was sold for an undisclosed sum to Aarco 251 Ltd, headed by Antur's financial consultant, Mold-based accountant Rhodri Hampson-Jones.

Mr Llwyd added: "I greatly hope the new company they are talking about will be able to save the jobs - up to 48 of them - and that is to be commended."

After the receivers were called in, Lord Dafydd Elis-Thomas called on the auditor general for Wales to undertake an inquiry into ADL.

The Meirionnydd Nant Conwy AM was also at the meeting with Dafydd Wyn Jones.